Genesis Crafty bakery: Takeover deal saves 260 jobs
- Published
The Genesis Crafty range includes pancakes, scones, cakes and bread
A rescue deal is in place to save 260 jobs at the Genesis Crafty bakery in Magherafelt, which is at the point of collapse due to financial problems.
McErlain's Bakery, a family business which started 50 years ago, counts Marks and Spencer and Waitrose among its supermarket customers.
It is believed the firm will enter into administration soon but a buyer is lined up to take it over immediately.
The new owner is Paul Allen, Tayto's chief executive in Northern Ireland.
The bakery counts Marks and Spencer and Waitrose among its supermarket customers
The Genesis Crafty range includes pancakes, scones, cakes and bread.
Its turnover is said to have grown to £22m a year.
The business was originally founded by Joe and Roberta McErlain in 1968 and run by six of their children, five of whom are leaving following Mr Allen's purchase.
The sale price to Mr Allen is not known.
It is believed McErlain's Bakery got into financial difficulties within the last year - the last set of accounts lodged at Companies House is for 2016.
A person familiar with the collapse said the company had grown faster in recent years than it was able to cope with.
The change in ownership is likely within 24 hours.